Henderson boards Boat International

Henderson Private Capital, the private equity arm of Henderson Global Investors, has completed the management buy-in of Boat International, a super-yacht and marine publisher.

Boat International Publications, a publisher of magazines and book titles relating to the super-yacht and marine sector, has been acquired by private equity firm Henderson Private Capital in a management buy-in.

Terms were not disclosed, but a source close to the deal said Henderson has committed to invest €50 million in the business, not all of which is upfront.

The business comprises the UK’s Boat International, together with its sister publications in the US, France and Germany; Captain’s Log; Sailing Today; and Coast, together with various other magazine and book titles. In a statement, Henderson said it would seek further acquisitions of publishing assets targeting the luxury yachting and marine market.

The deal sees former Boat International owner Christian Chalmin become honorary chairman. A new management team has been drafted in, led by publishing veterans Tony Harris (chief executive) and David Joseph (finance director), while Laurence Blackall becomes non-executive director.

Boat International is Henderson’s third European investment this year following two in Italy: Wellnet, the health and fitness company, and Redecam Group, a cement filtration business.

“Henderson Private Capital is investing in the business at a time of exciting growth in the yachting and marine industry and when advertising spends are improving,” said Henderson principal Alex Collins. “Working alongside management, we intend to create value through creating a world class portfolio of luxury yachting and marine titles.”

Advisers on the transaction included Fusion Corporate Partners, Ashurst, Grant Thornton, Parthenon Group, Marsh and MacFarlanes.